Crypto News: KuCoin Twitter Hacked- Leads to over $22,000 worth of assets loss
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KuCoin, the cryptocurrency exchange’s official Twitter account got hacked resulting in a loss of funds for some users who fell into the trap of a fake giveaway event run by the hackers.
KuCoin is a Singapore-based third-largest centralized exchange with 27M+ global users trading with 750+ listed tokens covering 200+ countries.
The exchange reacted quickly and announced on its Telegram account that its Twitter was hacked and warned users not to click on any suspicious links. They also stated that their website and other social accounts were safe.
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KuCoin Twitter account recovered
The exchange was able to recover their Twitter account with the help of Twitter support and was assured to reimburse the affected users.
According to KuCoin, their Twitter account was compromised for 45 minutes, the hackers promoted a fake event on the account resulting in a loss of 22,628 USDT. KuCoin detected 22 transactions including BTC/ETH, related to the activity and promised to refund the lost funds caused by the breach.
Kucoin also assured that they will take additional measures to ensure the safety of their social accounts in addition to existing 2FA and will conduct a thorough investigation with Twitter to prevent such incidents in the future.
Coinbase Sues SEC over Crypto Regulations
Coinbase, one of the popular cryptocurrency exchanges with 8.9+ Cr verified users, filed a petition in the United States Court of Appeals on Monday for rulemaking with the SEC asking for clarity on the digital assets regulation.
The Securities and Exchange Commission (SEC) has not responded to the petition filed by CoinBase last year which forced Coinbase to file the legal challenge on Monday. Coinbase was questioned earlier by the SEC regarding nine tokens available on Coinbase were unregistered securities.
Coinbase along with other cryptocurrency exchanges face legal actions from the SEC regarding the regulations on Cryptocurrencies which were not even fully developed.
Should Crypto assets be treated the same as Securities?
The SEC chairman, Gary Gensler has stated earlier that the Crypto firms should adhere to the ‘existing laws same as Securities’ and there is no necessity for new regulations to be implemented. However, Gary recently suggested that they will seek additional authority from Congress to regulate the Crypto Industry.
Coinbase filed the petition over the SEC’s ambiguity on the Crypto regulatory stance and strongly condemned the statements of Gary Gensler in the petition that the digital assets are also securities. Coinbase also stated that SEC’s approach has created uncertainty in the Crypto Industry which will have a significant impact on the growth of the industry.
Coinbase firmly believes that a new regulatory framework is necessary to ensure that the SEC can fulfill its responsibility to supervise the Crypto asset securities markets.
Binance lifts restrictions on Russian Users
Binance, the largest Cryptocurrency exchange by trading volume, has lifted restrictions on Russian citizens and residents that were imposed last year. As the European Union imposed sanctions on Russia in March 2022 following Russia’s attack on Ukraine. Binance stated that it would stop support for deposits from Russian banks, along with VISA and MASTERCARD cards issued in Russia in accordance with the sanction.
A crypto news website, Forklog stated that “Holders of Russian cards can replenish their account in rubles, Turkish lira, British pounds, euros, Kazakh tenge, Australian dollars, Ukrainian hryvnias, Czech crowns, and other currencies. Deposits in US dollars are not available”.
Ordinals Finance Accused of $1M Rug Pull Heist
Another day, another scam. Ordinals Finance, a Decentralized Finance (DeFi) platform on the Ethereum network performed an exit scam from the project’s liquidity pool resulting in a loss of $1M. The deployers removed OFI tokens from the OEBStaking contract and swapped them for ETH. They have removed all their social accounts and their project website.
According to CertiK, a blockchain security firm, the developer of Ordinals Finance withdrew 269 million OFI tokens from its smart contracts. Bad actors transferred the funds to another Ethereum account through several transactions. It is estimated that the loss would be more than $1M.
As per reports, more scams are happening daily in the crypto market creating fear in the minds of the investors. The investors need to be cautious and there should be more stringent regulations to tackle the problems.
In conclusion, cryptocurrency scams are a major concern for investors. It is important to do thorough research before investing in any cryptocurrency, especially with new ones. Knowing the risks and being aware of the potential for scams can help protect your investments. Additionally, keeping your information secure and using strong passwords is key to preventing any malicious activity from occurring. Investing safely in cryptocurrencies can lead to great rewards, but also comes with great risk.